Pursuant to the authority granted by § 458-b
of the Real Property Tax Law, real property in the Town of Henrietta
which meets the requirements for qualified residential real property,
as defined in said section, shall be exempt from taxation by the Town
of Henrietta to the extent authorized therein, subject to the following
maximum exemption.

Qualified residential real property shall be exempt
from taxation by the Town of Henrietta to the extent of 10% of the
assessed value of such property; provided however, that such exemption
shall not exceed $8,000. In addition, where a Cold War veteran received
compensation from the United States Veterans Affairs or from the United
States Department of Defense because of a service-related disability,
qualifying residential real property shall be exempt from taxation
to the extent of the product of the assessed value of such property,
multiplied by 50% of the Cold War veteran disability rating; provided,
however, that such exemption shall not exceed $40,000.

Such exemption shall be granted only upon application
by the owners of such real property on a form prescribed by the State
Board of Real Property Services. The application shall be filed with
the Town Assessor on or before the first appropriate taxable status
date for the Town of Henrietta.

The Town Board may, from time to time, amend, supplement,
change, modify or repeal this article pursuant to the provisions of
the Town Law, the General Municipal Law and the Real Property Tax
Law of New York State applicable thereto.